John W. Hlywak, Jr. (Investors) Jay Higham(Physician and Media)
Senior Vice President & CFO President & COO
IntegraMed America, Inc. IntegraMed America, Inc.
(914) 251-4143 (914) 251-4127
email: jhlywak@integramed.com email: jayhigham@integramed.com
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Web Address: http://www.integramed.com
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INTEGRAMED REPORTS THIRD QUARTER RESULTS

Purchase, NY, October 27, 2004 -- IntegraMed America, Inc. (Nasdaq: INMD) today
announced financial results for the third quarter ended September 30, 2004.

Reported Results

Total revenues for the third quarter of 2004 were $27.2 million, a 22.3%
increase from $22.3 million for the same period in 2003. The contribution to
earnings from operations in the third quarter of 2004 was approximately $3.1
million compared to $2.6 million reported for the same period in 2003.

Net income for the third quarter of 2004 was $340,000, compared with the
$261,000 net income reported for the third quarter of 2003. Diluted earnings per
share for the third quarter of 2004 were $0.09 compared to $0.07 for the same
period in 2003.

Total revenues for the first nine months of 2004 were $79.5 million, a 12.8%
increase from total revenues of $70.5 million for the comparable period in 2003.
The contribution to earnings from operations for the first nine months of 2004
was approximately $8.4 million, compared with $7.9 million for the first nine
months of 2003. Net income for the nine months of 2004 was $847,000 or $0.22 per
diluted share, compared with $778,000, or $0.22 per diluted share, for the
comparable period in 2003.

Management Discussion

"The FertilityPartners segment of our business had a 21.2% revenue growth in the
third quarter of 2004 compared to the same period in 2003, while the related
contribution grew 10.5% over the same period in 2003," said Gerardo Canet,
Chairman and CEO of IntegraMed. "Our Pharmaceutical Services segment revenue is
continuing its upward trend increasing 5% over the second quarter of 2004. Our
Shared Risk Refund Program and Patient Financing revenues, two accelerating
segments of our product mix had a 4% growth in revenues over the second quarter
of 2004 and are more than 67% over 2003 levels," added Mr. Canet.

"We are building on the success of the first nine months of 2004 in practice
growth", continued Mr. Canet. "In the last year, we added two
FertilityPartners(TM) and four FertilityAffiliate(TM) members to the network. We
have now contracted with 7 of the top fertility centers to provide a full range
of our services and another 18 of the leading fertility centers to provide
treatment financing services and the Shared Risk(TM) Refund Program, an

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innovative IVF payment option. The healthy growth in our consumer product lines
and the successful business development activities in our core business are key
to our strategic growth plan. We will continue to pursue these activities,"
added Mr. Canet.

Financial Guidance

Our current guidance for fiscal 2004 is for total revenues to range from $100
million to $105 million and for net income to range from $1.0 million to $1.1
million, or $0.26 to $0.29 per diluted share.

About IntegraMed America, Inc.

IntegraMed, based in Purchase, NY offers products and services to patients,
providers and payors focused on the $2 billion fertility industry. IntegraMed
provides business services to a national network of fertility centers;
distributes pharmaceutical products and treatment financing programs directly to
consumers; and operates http://www.integramed.com, a leading fertility portal.

Investors' Conference Call

Gerardo Canet, Chairman and Chief Executive Officer, Jay Higham, President and
Chief Operating Officer and John Hlywak, Senior Vice-President and Chief
Financial Officer, will host an investment-community conference call beginning
October 28, 2004 at 10:00 a.m. Eastern Time to discuss the above-mentioned
results and to answer questions.

To participate in the live call via telephone, please call (800) 374-0146
(domestic) or (706) 634-1307 (international). A telephone replay will be
available through November 4, 2004 by dialing (800) 642-1687 (domestic) or (706)
645-9291 (international) and entering reservation number 1730397.

Individuals interested in listening to the conference call via the Internet may
do so by visiting the Company's web site at www.integramed.com. A replay will be
available on the web site for 14 days. For further information regarding
IntegraMed, this press release or the conference call, please go to IntegraMed's
homepage at www.integramed.com and to IntegraMed's Investor Relations website
page at www.corporate-ir.net/ireye/ir_site.zhtml?ticker=INMD&script=400.

Statements contained in this press release that are not based on historical
fact, including statements concerning future results, performance, expectations
and expansion of IntegraMed America are forward-looking statements that may
involve a number of risks and uncertainties. Actual results may differ
materially from the statements made as a result of various factors, including,
but not limited to, the risks associated with the Company's ability to finance
future growth; the loss of significant business service contract(s);
profitability at Reproductive Science Centers serviced by IntegraMed America;
changes in insurance coverage, government laws and regulations regarding health
care or managed care contracting; and other risks, including those identified in
the Company's most recent Form 10-K and in other documents filed by the Company
with the U.S. Securities and Exchange Commission. All information in this press
release is as of October 26, 2004 and IntegraMed undertakes no duty to update
this information.

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INTEGRAMED AMERICA, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(all amounts in thousands, except per share amounts)

For the For the
three-month period nine-month period
ended Sepember 30, ended September 30,
------------------- -------------------
2004 2003 2004 2003
------ ------ ------ -------
(unaudited) (unaudited)

Revenues, net
Fertility Partners ............................. $ 21,535 $ 17,762 $ 63,608 $ 55,533
Pharmaceutical sales ........................... 4,102 3,553 11,771 12,846
Fertility Direct ............................... 1,579 942 4,124 2,089
-------- -------- -------- --------
Total revenues ................................. 27,216 22,257 79,503 70,468
-------- -------- -------- --------

Costs of services and sales
Fertility Partners ............................. 19,136 15,591 56,983 48,715
Pharmaceutical costs ........................... 3,958 3,440 11,381 12,500
Fertility Direct ............................... 989 577 2,810 1,333
-------- -------- -------- --------
Total costs of services and sales .............. 24,083 19,608 71,124 62,548
-------- -------- -------- --------

Contribution
Fertility Partners ............................. 2,399 2,171 6,625 6,818
Pharmaceutical ................................. 144 113 440 346
Fertility Direct ............................... 590 365 1,314 756
-------- -------- -------- --------
Total contribution ............................. 3,133 2,649 8,379 7,920
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General and administrative expenses ................. 2,556 2,233 6,928 6,668
Interest income ..................................... (65) (33) (185) (77)
Interest expense .................................... 77 22 229 54
-------- -------- -------- --------
Total other expenses ........................... 2,568 2,222 6,972 6,645
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Income before income taxes .......................... 565 427 1,407 1,275
Income tax provision ................................ 225 166 560 497
-------- -------- -------- --------
Net income .......................................... 340 261 847 778
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Basic and diluted earnings per share of Common Stock:
Basic earnings per share ....................... $ 0.10 $ 0.08 $ 0.24 $ 0.23
Diluted earnings per share ..................... $ 0.09 $ 0.07 $ 0.22 $ 0.22

Weighted average shares - basic ..................... 3,551 3,448 3,590 3,399
Weighted average shares - diluted ................... 3,698 3,643 3,784 3,564

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INTEGRAMED AMERICA, INC.
CONSOLIDATED BALANCE SHEETS
(all amounts in thousands, except share amounts)

September 30, December 31,
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2004 2003
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ASSETS
Current assets:
Cash and cash equivalents ............................................... $ 13,896 $ 6,885
Due from Medical Practices, net ......................................... 8,226 8,918
Pharmaceutical sales accounts receivable, net ........................... 1,684 1,484
Deferred taxes .......................................................... 948 948
Prepaids and other current assets ....................................... 1,555 3,264
-------- --------
Total current assets ................................................ 26,309 21,499

Fixed assets, net .......................................................... 12,992 10,218
Exclusive Service Rights, net .............................................. 20,844 20,504
Deferred taxes ............................................................. 2,292 2,795
Other assets ............................................................... 368 278
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Total assets ........................................................ $ 62,805 $ 55,294
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LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable ........................................................ $ 791 $ 167
Accrued liabilities ..................................................... 7,235 5,274
Current portion of long-term notes payable and other obligations ........ 3,217 3,272
Patient deposits ........................................................ 14,285 9,492
-------- --------

Total current liabilities ........................................... 25,528 18,205
-------- --------

Long-term notes payable and other obligations .............................. 3,326 4,239
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Commitments and Contingencies

Shareholders' equity:
Common Stock ............................................................ 35 35
Capital in excess of par ................................................ 48,083 48,172
Treasury Stock .......................................................... (47) (426)
Deferred Compensation ................................................... (351) (315)
Accumulated deficit ..................................................... (13,769) (14,616)
-------- --------
Total shareholders' equity .......................................... 33,951 32,850
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Total liabilities and shareholders' equity .......................... $ 62,805 $ 55,294
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